{"id":10791,"date":"2024-12-12T09:00:00","date_gmt":"2024-12-12T08:00:00","guid":{"rendered":"https:\/\/www.blog.bim.finance\/?p=10791"},"modified":"2024-12-12T09:29:11","modified_gmt":"2024-12-12T08:29:11","slug":"quest-ce-quun-impermanent-loss-en-defi","status":"publish","type":"post","link":"https:\/\/www.blog.bim.finance\/en\/quest-ce-quun-impermanent-loss-en-defi\/","title":{"rendered":"Qu’est ce qu’un impermanent loss en DeFi ?"},"content":{"rendered":"
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D\u00e9finition de l\u2019impermanent loss<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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L\u2019impermanent loss d\u00e9signe la perte potentielle qu\u2019un fournisseur de liquidit\u00e9 (liquidity provider) peut subir en d\u00e9posant des cryptomonnaies dans une\u00a0pool de liquidit\u00e9<\/strong>. Cette perte intervient lorsque le prix des actifs d\u00e9pos\u00e9s change par rapport \u00e0 leur valeur initiale.<\/strong><\/p>

La perte est dite \u00ab\u00a0impermanente\u00a0\u00bb car elle pourrait \u00eatre annul\u00e9e si le prix des actifs revient \u00e0 son niveau d’origine. Cependant, elle devient permanente si l’utilisateur d\u00e9cide de retirer ses fonds avant que les prix ne se stabilisent.<\/p>

Exemple simple<\/h4>

Supposons que vous d\u00e9posiez 1 ETH (valeur initiale : 1 000 $) et 1 000 USDT dans une pool ETH\/USDT avec un ratio 50\/50.<\/p>

Si le prix de l\u2019ETH double pour atteindre 2 000 $, les traders utiliseront la pool pour arbitrer cette diff\u00e9rence. En cons\u00e9quence, vous aurez moins d’ETH mais plus d’USDT. <\/strong><\/p>

En retirant vos liquidit\u00e9s, la valeur totale de vos actifs pourrait \u00eatre inf\u00e9rieure \u00e0 ce qu’elle aurait \u00e9t\u00e9 si vous aviez simplement conserv\u00e9 vos tokens sans les placer dans la pool.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Fonctionnement des pools de liquidit\u00e9 et impermanent loss<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Les Pools de liquidit\u00e9<\/h4>

Les pools de liquidit\u00e9 sont au c\u0153ur des \u00e9changes d\u00e9centralis\u00e9s (DEX). Elles permettent de fournir des liquidit\u00e9s pour faciliter les transactions sans carnet d’ordres centralis\u00e9. Une pool est g\u00e9n\u00e9ralement compos\u00e9e de deux actifs \u00e0 parts \u00e9gales (50\/50), comme ETH et USDT.\u00a0<\/p>

Les transactions dans la pool sont r\u00e9gul\u00e9es par un Automated Market Maker (AMM)<\/strong>, un algorithme qui ajuste automatiquement le prix des actifs en fonction de leur quantit\u00e9 dans la pool.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\"Pool\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t
Qu\u2019est ce qu\u2019une Pool de liquidit\u00e9 ? - BIM Blog<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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M\u00e9canisme de l\u2019impermanent loss<\/h4>

L\u2019impermanent loss se produit lorsque l\u2019\u00e9quilibre de la pool est modifi\u00e9 \u00e0 cause de fluctuations de prix. L\u2019AMM ajuste les quantit\u00e9s des actifs pour maintenir un ratio constant, cr\u00e9ant ainsi une opportunit\u00e9 d\u2019arbitrage.\u00a0<\/p>

Les arbitrages provoquent une redistribution des actifs dans la pool, et cette revalorisation peut r\u00e9duire la valeur totale des liquidit\u00e9s fournies par rapport \u00e0 une strat\u00e9gie de simple d\u00e9tention des actifs.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Calcul de l\u2019impermanent loss<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Le calcul de l\u2019impermanent loss est complexe, mais une formule simplifi\u00e9e est la suivante :<\/p>

Perte impermanente (%) = 2 \u00d7 \u221a(ratio_prix) \/ (1 + ratio_prix) – 1<\/strong><\/p>

  • Ratio_prix<\/strong> est le rapport entre le prix des tokens au moment du retrait et leur prix initial.<\/li><\/ul>
    Exemples pratiques<\/h5>
    • Si le prix d\u2019un actif double, la perte impermanente est d\u2019environ 5,7 %<\/strong>.<\/li>
    • Si le prix quadruple, la perte impermanente atteint 20 %<\/strong>.<\/li><\/ul>

      \u00a0<\/p>

      Ces pourcentages montrent pourquoi les actifs tr\u00e8s volatils exposent les liquidity providers \u00e0 des risques significatifs.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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      R\u00e9duire les risques d\u2019impermanent loss\n<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      Bien que l\u2019impermanent loss soit in\u00e9vitable, certaines strat\u00e9gies peuvent limiter son impact :<\/p>

      1. Choisir des pools de stablecoins<\/strong><\/h4>

      Les stablecoins comme USDT\/USDC pr\u00e9sentent des variations de prix quasi nulles, ce qui r\u00e9duit consid\u00e9rablement le risque de perte impermanente. Ces pools offrent des rendements plus stables, m\u00eame si leurs taux d’int\u00e9r\u00eat sont souvent moins \u00e9lev\u00e9s.<\/p>

      2. Utiliser des actifs fortement corr\u00e9l\u00e9s<\/strong><\/h4>

      Les pools contenant des actifs ayant des variations de prix similaires, comme ETH et WETH ou BTC et wBTC, minimisent les pertes impermanentes. Ces actifs \u00e9voluent g\u00e9n\u00e9ralement de mani\u00e8re parall\u00e8le, r\u00e9duisant les d\u00e9s\u00e9quilibres dans le pool.<\/p>

      3. Diversifier les pools de liquidit\u00e9<\/strong><\/h4>

      Investir dans plusieurs pools permet de r\u00e9partir le risque. Par exemple, combiner des pools de stablecoins avec des pools volatils peut \u00e9quilibrer vos rendements.<\/p>

      4. Exploiter des AMM avanc\u00e9s<\/strong><\/h4>

      Des protocoles comme Balancer ou Bancor offrent des options de pond\u00e9ration personnalis\u00e9e (par exemple 80\/20) ou une protection contre les pertes impermanentes. Ces innovations permettent de mieux g\u00e9rer les risques tout en g\u00e9n\u00e9rant des rendements attractifs.<\/p>

      5. Utiliser des strat\u00e9gies de farming incitatif<\/strong><\/h4>

      Certaines plateformes, comme SushiSwap ou PancakeSwap, r\u00e9compensent les liquidity providers avec des tokens suppl\u00e9mentaires. Ces incitations peuvent compenser les pertes potentielles et rendre l\u2019investissement plus int\u00e9ressant.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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      Quand l\u2019impermanent loss devient-elle permanente ?\n<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      L\u2019impermanent loss n\u2019est r\u00e9alis\u00e9e que lorsque vous retirez vos liquidit\u00e9s de la pool.<\/strong><\/p>

      Si vous attendez que les prix des actifs reviennent \u00e0 leur valeur initiale, la perte peut \u00eatre annul\u00e9e. Cependant, cela n\u00e9cessite une gestion active et une patience qui peuvent ne pas convenir \u00e0 tous les investisseurs.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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      L\u2019impermanent loss est une notion cl\u00e9 de la DeFi, essentielle \u00e0 comprendre pour tout investisseur souhaitant participer aux pools de liquidit\u00e9. Bien que ce risque puisse para\u00eetre intimidant, une gestion rigoureuse et des choix strat\u00e9giques permettent de l\u2019att\u00e9nuer.\u00a0<\/p>

      En choisissant des pools adapt\u00e9s \u00e0 votre tol\u00e9rance au risque et en restant inform\u00e9 des \u00e9volutions du march\u00e9, vous pouvez profiter des opportunit\u00e9s offertes par la DeFi tout en prot\u00e9geant vos investissements.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

      La finance d\u00e9centralis\u00e9e (DeFi) a r\u00e9volutionn\u00e9 le monde de la crypto en introduisant des concepts innovants tels que les pools de liquidit\u00e9. Cependant, participer \u00e0 ces pools n’est pas sans risques, et l’un des plus fr\u00e9quents est l’impermanent loss, ou perte impermanente. Ce ph\u00e9nom\u00e8ne m\u00e9rite d’\u00eatre bien compris pour \u00e9viter des erreurs co\u00fbteuses et maximiser les rendements.<\/p>","protected":false},"author":4,"featured_media":10852,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,16],"tags":[],"ppma_author":[147],"class_list":["post-10791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","category-lexique"],"yoast_head":"\nQu'est ce qu'un impermanent loss en DeFi ?<\/title>\n<meta name=\"description\" content=\"Qu'est ce qu'un impermanent loss et comment l'\u00e9viter lorsque l'on interagit avec des pools de liquidit\u00e9 en DeFi.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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